According to Magnum Projects Ltd, a marketing company for new developments, the people buying new condos on Cambie Corridor are as follows:
People selling their house in Kerrisdale are downsizing to larger 2 bedroom or 3 bedroom condos with large balconies. Instead of moving to White Rock or Kelowna, these downsizers are now staying within the area where they used to live.
For 1 bedroom or smaller 2 bedroom condos, they are seeing a lot of buyers who are professionals whether single or couple.
For the 1 bedroom condos, they are seeing first time home buyers with parents’ financial help to get into the market.
The price for a brand new 1 bedroom 533 sq ft condo on Cambie right across from QE Park now starts from $446,900.
For 2 bedroom, 759 sq ft starts from $614,900
According to George Wong of Magnum Projects, the price of new condos will continue to rise because costs are increasing. He gave an example that recently, a developer bought 5 houses that cost $10 million more than buying 10 houses next to it 18 months ago. Not only is land value increasing, construction costs are getting higher and the City is charging more to rezone the land. All these added costs will contribute to higher condo prices in the future.
